MILAN – Hours 12:50. Iran rejects in no uncertain terms the proposed freeze on production and oil slipped back below $ 31 sinking world stock markets, from Wall Street to Asia, to the Old Continent. A freeze up crude oil prices, which attempted a rebound after the collapse last week below $ 30 a barrel, it was the oil minister in Tehran, Bijan Namdar Zanganeh, which he called “ridiculous” the proposal developed by Russia , Arabia, Venezuela and Qatar for a freeze on production levels in January. According Zanganeh, in fact, the proposal made by the four countries, which last week reached broad agreement in Doha to be realized before March 1, sets “unrealistic demands” to Iran.
“It ‘unrealistic – has He noted the minister – because they come with this proposed freezing them (Saudi Arabia, ed ) that produce 10 million barrels, against Iran “that it plans to increase production,” a million barrels. If Iran’s production declines, our place will be taken by neighboring countries. ” In short, despite the weak demand offering oil will not be dropping, which instead continue to make the prices with Brent falls below $ 33 fee.
The downward crude oil prices weighs on all the lists. do not escape the sales European ones: Milan down 2.3%, Paris 2% and London moves back by 1.3% and Frankfurt 2.3%. The capture of Iranian positions has already led Wall Street to store the session in red, ballasting the Tokyo Stock Exchange which sold 0.85%: on the Japanese list has also affected the recovery of the yen, which penalizes the export licenses.
‘ € it is downhill on the dollar just above 1.10 (1.1006) threshold and continues to strengthen on the pound because of Brexit fears that continue to undermine the British currency. Against the single currency, the British currency is trading at 78.60 pence per euro and collapses under $ 1.40 for the first time since March 2009. Confirming market tensions also arrive purchases on ‘ Gold , safe haven par excellence, rising to $ 1,229 an ounce.
on the other hand, the fall in oil prices “has completely broken the system of business” of the oil producing countries, which currently confronted with “an entirely new reality” admitted the director general of the international Monetary Fund (IMF), Christine Lagarde , and as the Vice President of the Fed, Stanley Fischer, reiterates that it is too early to assess the ‘ impact of volatile markets on the economy, the pressure on the ECB salt. The European Central Bank will be held on March 10 at the height of the market turbulence, in the face of inflation that does not grow in spite of the monetary policy operations: the experts assume a new cut in interest rates by at least 10 points on deposits, but analysts believe that may not be enough.
Meanwhile, the spread has recently moved into the area 135 basis points, with ten-year BTPs that make 1.52 %. The Treasury has placed 900 million euro of BTPs indexed, just below the maximum of 1 billion, with a gross yield of 1.22%. From a macroeconomic perspective, the agenda of the day is rather low; in the Italian industry turnover falls in December by 3%, but the annual figure turned to profit, while the French consumer confidence falls in February from 97 to 95 points. In the United States looks to the sale of new homes in January, Markit services PMI index of February and the weekly stocks of hydrocarbons.
As I said, last night’s session Wall Street ended down by putting an end to a rally that he hoped go on: in addition to oil, the US indices suffered from the disappointing data on consumer confidence in February, dropped because of the recent volatility observed in the financial markets. The Dow Jones lost 1.14%, the S & amp; P 500 surrendered 1.25% and the Nasdaq 1.47%.
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